Employers are a critical stakeholder for candidates and for the CIA in the ongoing development and maintenance of the UAP. Therefore, employer policies, perspectives, and attitudes about UAP are very important to the Institute.
The CIA sets and maintains high standards for the UAP and monitors the program carefully. The CIA Board stands behind the UAP and therefore encourages employers to treat candidates with UAP credits equitably and in the same manner as candidates who have written the corresponding actuarial examination with respect to hiring, compensation, and promotion policies.
The CIA ensures that UAP candidates have covered the material. In most cases, this means multiple courses and many hours of examination, in addition to having to achieve the required grades established by the CIA. Simply passing a university course is not sufficient.
The CIA minimum grades, which range between B and A+, are carefully established to ensure that only the very best candidates are able to achieve UAP credit. Those who do achieve this status may apply to the CIA with their official university grade transcripts to receive credit for their courses. UAP credits are approved by the Eligibility and Education Council several times per year.
In each of the 11 accredited universities, the CIA appoints an accreditation actuary, responsible for the administration of the program within the university. The CIA monitors the program closely and maintains ongoing communication with the universities. In addition, every accredited university is visited annually by an external examiner, who is a Fellow of the CIA and who is accompanied by one of the CIA’s two staff actuaries. This review includes all examinations and student grades, as well as meetings with individual course instructors to ensure that high standards are maintained.
The UAP can provide students with credit for exams FM/2, MFE/3F, MLC, LC, and C/4. No credit is available for the Probability Exam, and Exams ST and S of the CAS.
Candidates with CAS education transcripts will show them as having credit for the particular examination.
Candidates with SOA transcripts will not show UAP credits. However, the Memorandum of Understanding on Education does guarantee that the SOA will accept UAP credits for the limited purpose of allowing candidates to gain credit for, or register for and take other courses, exams, and modules (such as Validation by Education Experience credit, registration for the Decision Making and Communication Module (DMAC) or the Fellowship Admissions Course (FAC)), which are required components of the CIA’s qualification requirements, even if registration for such courses would otherwise be conditional on completing certain exams or attaining Associate membership in the SOA.
UAP credits are recognized by other actuarial organizations around the world .
If you are an employer and have comments or questions regarding the program, please direct them to Alicia Rollo, director, education and professional development at firstname.lastname@example.org or by calling 613-236-8196, ext. 136.